Forte Biosciences, Inc. (NASDAQ:FBRX) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Forte Biosciences, Inc. (NASDAQ:FBRX) have earned an average recommendation of “Moderate Buy” from the four brokerages that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $67.00.

Several equities analysts recently issued reports on the company. Evercore ISI started coverage on Forte Biosciences in a research note on Tuesday, November 25th. They set an “outperform” rating and a $65.00 price objective on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Forte Biosciences in a research report on Monday, December 29th. Wall Street Zen lowered shares of Forte Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Chardan Capital reiterated a “buy” rating and set a $61.00 price objective on shares of Forte Biosciences in a research note on Monday, November 17th.

Forte Biosciences Stock Performance

Shares of FBRX stock opened at $30.41 on Wednesday. The stock has a market capitalization of $381.04 million, a price-to-earnings ratio of -9.16 and a beta of 3.22. Forte Biosciences has a one year low of $4.90 and a one year high of $35.46. The company’s 50-day simple moving average is $23.40 and its 200-day simple moving average is $16.00.

Forte Biosciences (NASDAQ:FBRX) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.05. As a group, research analysts forecast that Forte Biosciences will post -12.12 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FBRX. Federated Hermes Inc. bought a new position in shares of Forte Biosciences during the second quarter worth about $13,864,000. Orbimed Advisors LLC lifted its position in Forte Biosciences by 101.8% in the 2nd quarter. Orbimed Advisors LLC now owns 1,196,955 shares of the company’s stock valued at $15,477,000 after purchasing an additional 603,867 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Forte Biosciences during the 2nd quarter valued at about $4,310,000. Cable Car Capital LP boosted its stake in Forte Biosciences by 127.7% during the 2nd quarter. Cable Car Capital LP now owns 500,000 shares of the company’s stock valued at $6,465,000 after purchasing an additional 280,396 shares during the period. Finally, Tybourne Capital Management HK Ltd. grew its position in Forte Biosciences by 26.9% in the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 786,647 shares of the company’s stock worth $10,171,000 after purchasing an additional 166,666 shares during the last quarter. Institutional investors and hedge funds own 77.63% of the company’s stock.

About Forte Biosciences

Forte Biosciences, Inc is a clinical-stage biotechnology company focused on developing innovative treatments to restore skin health by targeting the underlying biology of the skin barrier and microbiome. Headquartered in San Diego, California, Forte leverages proprietary platforms to discover and advance topical live biotherapeutic products and skin barrier therapies aimed at addressing serious dermatological conditions.

The company’s lead product candidate, FB-401, is a topical live biotherapeutic formulation designed to rebalance the skin microbiome in patients with atopic dermatitis.